To Be Aware or Not To Be? The Impact of Metacognition on Entrepreneurial Status-Quo Decisions

This study explores the role of metacognition on entrepreneurial decisions. Specifically, a metacognitive treatment is tested on two relevant cognitive biases for entrepreneurs. The results highlight mixed results. Firstly, overconfidence does not decrease with a metacognitive treatment. Second, participants who were trained to use their metacognition choose the status-quo option less frequently in some, but not all scenarios. The study provides methodological and theoretical arguments how experiments on entrepreneurial decision-making should be designed, and what we can learn from them.